Brussels, 22/08/2014 (Agence Europe) - In early August, the European Commission gave the go-ahead to the resolution plan for Portugal's third-largest bank, Banco Espírito Santo S.A. (BES) (see EUROPE 11131).
The plan includes the resolution of BES and the immediate creation and capitalisation of a temporary “Bridge Bank.” BES's sound business activities - all €36.7 billion of deposits and senior debt and most of the assets - are being transferred to the Bridge Bank. In a press...